Nanobiotix (NANO) H1 2024 earnings summary

Executive summary

• Focused on advancing NBTXR3, a radioenhancer for cancer, with key clinical collaborations and licensing with Janssen for head and neck and lung cancer indications.

• NBTXR3, in combination with anti-PD-1, showed favorable safety and efficacy in both naïve and resistant patients, supporting its potential as an immune system primer before checkpoint therapy.

• Achieved a €20M milestone payment from Janssen in H1 2024, supporting ongoing Phase 3 and Phase 2 studies.

• Presented promising Phase 1 data at ASCO 2024, showing feasibility and disease control in heavily pretreated cancer patients.

• Multiple clinical milestones are expected in the next 12–18 months, including updated and initial data in pancreatic, head and neck, esophageal, and lung cancers.

Financial highlights

• Revenue and other operating income rose to €9.3M in H1 2024 from €3.3M in H1 2023, mainly due to Janssen collaboration.

• Operating expenses increased to €32.9M (H1 2023: €28.7M), with R&D representing 67% of total expenses.

• Net loss narrowed to €21.9M (H1 2023: €28.1M); operating loss at €23.7M (H1 2023: €25.4M).

• Cash and equivalents at €66.3M as of June 30, 2024, with a cash runway projected into Q4 2025.

• R&D expenses increased to €22.0M from €17.8M year-over-year, reflecting expanded clinical activities.

Outlook and guidance

• Priority remains global registration of NBTXR3 in head and neck cancer; intermediate analysis for pivotal trial expected after last patient recruited in H1 2026.

• Cash runway extended into Q4 2025, providing additional operational flexibility.

• Anticipates several clinical milestones, including updated and initial data readouts in pancreatic, head and neck, esophageal, and lung cancers over the next 12–18 months.

• Plans to leverage NBTXR3 revenues for further development of Curadigm and Oocuity platforms.

• Sufficient liquidity to fund operations for at least 12 months from reporting date.